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Currency under War Communism: An example of Gresham's Law?
Authors:Cristóbal Matarán
Affiliation:Universidad Europea de Madrid, Spain
Abstract:This article covers the consequences of the Bolsheviks' coup d'état in 1917 for the Soviet monetary system. I argue that the episode illustrates Gresham's Law, as three different currencies made an appearance in the Russian economy. This monetary disorder is scarcely mentioned by Marxist authors. It was a failure that would be mitigated by the subsequent New Economic Policy, an amendment to the Bolshevist War Communism programme of nationalisation and intervention in the economy.
Keywords:Gresham's Law  Russian Revolution  Soviet economics  War Communism
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